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Mathematics 5 Online
OpenStudy (anonymous):

@dss08a @countonme123 If the APY of a savings account is 1.8%, and if the principal in the savings account was $2200 for an entire year, what will the balance of the savings account be after all the interest is paid for the year? A. $2200 B. $2252.80 C. $2300 D. $2239.60

OpenStudy (wolf1728):

The compound interest formula is Total = Principal × ( 1 + Rate ) ^ years 2,200 x (1.018)^1 = 2,239.60 The answer is D

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